"In July 2018, an international agency that sets anti-money laundering standards quietly released an explanatory report on professional money laundering.

In the 53-page report, the Paris-based Financial Action Task Force made a stunning claim: A “massive” underground bank in B.C. had laundered more than $1 billion a year.

The underground bank offered its services, says the report, to organized crime groups around the world, including Mexican cartels, Asian gangs and Middle Eastern crime groups.

The case — one of several real-life accounts in the report — said the B.C. money-laundering network’s illegal activities involved drug money, illegal gambling and money derived from extortion to supply cash to Chinese gamblers.

The underground bank is not named but closely mirrors an already-named Richmond underground bank that, court records show, allegedly laundered as much as $220 million. That underground bank, Silver International, was shut down in 2015, following RCMP raids.

So, what does the report say about the amount of money-laundering in British Columbia?

The origin of the $1-billion figure is not entirely clear." ~ Gordon Hoekstra - Vancouver Sun

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